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ZAR: USD/ZAR Extends Gains After DMAs Chart "Golden Cross"

ZAR
EM BulletBulletEmerging Market News

Spot USD/ZAR gains for the second day in a row amid an uptick in greenback strength. The pair deals at 18.8168, over 1,200 pips above the previous day's closing levels. The nearby round figure/Jun 6 high of 19.0000/19.0054 provide the initial bullish targets, while bears look for a sell-off past the 20-EMA intersecting at 18.5468. It is worth noting that the 50-DMA has just crossed above the 200-DMA ("golden cross"), which is a bullish technical signal.

  • The African National Congress is celebrating the 113th anniversary of its founding. The main event will take place on Saturday, when President Ramaphosa will deliver a speech mapping out the party's priorities for the year ahead.
  • SAGB yields crept higher at the start of the session. South Africa's 10-year breakeven inflation rate has climbed to 5.47%.
  • The composite BBG Commodity Index has added 0.4%; the precious metals subindex is barely changed.
  • The latest reading of Absa Manufacturing PMI will cross the wires at the top of the hour. The index printed at 48.1 in November.
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Spot USD/ZAR gains for the second day in a row amid an uptick in greenback strength. The pair deals at 18.8168, over 1,200 pips above the previous day's closing levels. The nearby round figure/Jun 6 high of 19.0000/19.0054 provide the initial bullish targets, while bears look for a sell-off past the 20-EMA intersecting at 18.5468. It is worth noting that the 50-DMA has just crossed above the 200-DMA ("golden cross"), which is a bullish technical signal.

  • The African National Congress is celebrating the 113th anniversary of its founding. The main event will take place on Saturday, when President Ramaphosa will deliver a speech mapping out the party's priorities for the year ahead.
  • SAGB yields crept higher at the start of the session. South Africa's 10-year breakeven inflation rate has climbed to 5.47%.
  • The composite BBG Commodity Index has added 0.4%; the precious metals subindex is barely changed.
  • The latest reading of Absa Manufacturing PMI will cross the wires at the top of the hour. The index printed at 48.1 in November.